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Wells Fargo to pay $3 bn to US for settling cases in fake-accounts scandal

The agreement resolves the civil and criminal liability regarding Wells Fargo's fake-accounts scandal

Wells Fargo

Reuters  |  Washington 

Wells Fargo & Co has agreed to pay $3 billion (2.3 billion pounds) to resolve criminal and civil probes into fraudulent sales practices and has admitted to pressuring employees in a fake-accounts scandal, US officials said on Friday, wrapping up one of the last major investigations looming over the bank. Wells Fargo will pay the penalties to the US Justice Department and Securities and Exchange Commission and enter into a three-year deferred prosecution agreement during which the San Francisco-based bank will continue to cooperate with any ongoing government investigations, Justice ...

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First Published: Sat, February 22 2020. 08:19 IST